How Can An Effective Medical Referral Management Increase Revenue up to 65%

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1
How can
An Effective Medical Referral
Management
Increase Revenue up to 65%?
www.healthviewx.com
Increase Your Revenue up-to 65% With Referral Management

Referral management solution has come as an asset to the healthcare
industry to improve care coordination, increase referral volumes and revenue,
reduce readmissions and improve outcomes. Secure messaging is a critical
aspect of the healthcare industry. Referral Management Solution allows the
providers to seamlessly communicate for exchanging patient related data and
for improving patient care through a secure network.
Technology in healthcare for patient
referral management
Technology is ubiquitous. Hence today each and every business is engulfed by
technology. Just like any other industry the future of healthcare is also changing
dramatically due to the technological advancements. These technological
developments have brought in remarkable changes and have transformed the
entire healthcare industry for good.

The U.S. healthcare industry has been facing significant challenges in various
areas like care coordination, readmissions rates, poor clinical outcomes,
patient leakage, revenue leakage, referral leakage, unsatisfied patients, a
secured network for sharing patient information, etc. These challenges affect
the behavior of both providers’ and patients’ resulting in poor clinical
outcomes. Lack of coordination of care is a major challenge across the
healthcare system. And the underlying reason is evident that the health care
providers do not have a solution they need to link and work together
effectively to improve the overall population health. All these are clear
indications for the urgent need to transform. This transformation should
improve access to the required care at the right time and in the right care
setting.
Technology in healthcare for patient
referral management

Here is how to increase revenue

Increase the number of referrals
1
Increasing the number of referrals will help your practice grow. For this, it
is crucial to build a strong referral network and strengthen your practice.
Retaining your patients within your referral network will eventually not only
grow your practice but also increase your patient base.
More patients mean more revenue. It is important to adopt a top-notch
solution to ensure you have the best practices at each stage throughout
the referral process.

Reduce patient leakage
2Studies say, referral leakage for a health system can range from 55 – 65%
[GG1] and approximately 20 to 40 percent of patients who receive
referrals never complete them because possibly they were never
scheduled or they became no-shows due to bad appointment timings or
for even various other reasons.

Reduce patient leakage
2[GG2] One of the ways to reduce patient leakage is to provide better care
and improve patient health outcomes. Patient satisfaction is one of the
most important aspects that can reduce leakage. The patients need to be
educated about their health condition and should be engaged at regular
intervals and if required they should be referred to the right specialists at
the right time. And this requires a strong referral base and a right solution
that can manage the complete referral network efficiently.

Better and Secure Communication
3It is vital to have a secure communication network for the healthcare
industry. Effective and secure communication will improve the patient-
provider relationship and overall have a better outcome. Without proper
communication the patients can miss out on the care they need while the
referrers lose patients and revenue.

Better and Secure Communication
3According to recent statistics, an estimated 25 to 50 percent of referring
providers do not know whether their patients have completed their
referrals and 50 percent of referring and specialist providers do not
communicate with each other.[GG3] So simplifying the patient-provider
communication process will ultimately increase revenue for your practice
and keep the referring physicians updated of the referral pipeline/loop.

Increase patient satisfaction by providing
better care4
For any successful healthcare practice, it is essential to maintain a
positive relationship with both patients and providers. And trust is one of
the most important elements in the patient-physician relationship. It is
imperative for physicians to have the required visibility across the care
continuum to help their patients continue to receive recommended care.
Also, patients expect their physician to have a complete understanding of
their health condition. A solution with a lot of beneficial features can help
increase referral completion rates. A satisfied patient can be retained
within the network.

Manage referrals efficiently across channels
5Providers need to manage referrals efficiently across channels of
communication and integrate these records and data with their existing
EMR/EHR systems to have a completely integrated view of the patient
data. A unified view will give a better understanding of the referral pipeline
and can ensure that referrals don’t become no-shows.

Manage referrals efficiently across channels
5As patients keeping move between different care settings, many of the ills
in the system can be solved by technology. Beneficially a lot of providers
are realizing the importance to improve handling referrals and patient
transitions. This move from fee-for-service to value-based-service has the
potential to increase the importance of collaboration between providers
thus improving the overall operational efficiency and referral volume. It
adds value to the patients by decreasing the appointment wait time and
receiving care when required.

HealthViewX Patient Referral Management
Solution helps the referring provider to track the
referral progress.
Schedule a demo with us and our patient referral
management experts will guide you through our
HIPAA compliant solution.

Email: marketing@healthviewx.com
Phone: +1 (214)-461-0242Contact us anytime.
How can we help?

How Can An Effective Medical Referral Management Increase Revenue up to 65%

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